Milky Mist bets on protein products ahead of 2026 IPO

Dairy products maker Milky Mist plans to proceed with its Rs 2,035 crore initial public offering in 2026, the company’s CEO said. The Tamil Nadu-based firm received regulatory approval for the issue in October 2025.

The company expects to maintain around 30% annual revenue growth for the financial year ending 31 March and in the years ahead. It is focusing on premium dairy offerings such as Greek yoghurt and protein-enriched cottage cheese, targeting India’s growing health-conscious consumer base. The company also plans to introduce high-protein milk.

"India is a protein-deficient country. So, protein is going to be a major, major contributing factor for anyone, not just Milky Mist," Rathnam said.

Milky Mist competes with players such as Hatsun Agro and Heritage Foods. As of March 2025, its products were available across more than 350,000 retail outlets.

The company is aiming for 15% to 20% annual growth in store coverage. It expects quick-commerce platforms to contribute 12% to 15% of overall revenue within three years, up from about 10% currently.

Exports accounted for around 4% of revenue in fiscal 2025. The company expects sales in the United States to rise over the next one to two years following the implementation of the India–US trade deal.